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The Indiana Hoosiers became the first team since the College Football Playoff expanded to 12 teams to win a game after having a first-round bye, dominating No. 9 Alabama 38-3 to advance to the semifinal. The Hoosiers rushed for 215 yards and also got a stellar showing from Fernando Mendoza, who threw for 192 yards and three scores in the victory.

Ohio State, the defending national champion and odds-on favorite to repeat in 2025-26, was not so fortunate. The Buckeyes could not get past Miami on New Year's Eve, with Julian Sayin throwing a costly early pick-6 to give the Hurricanes momentum they would not relinquish. Miami held Ohio State to just 45 rushing yards and registered five sacks in a 24-14 victory and will now face Ole Miss, who got past No. 3 Georgia in a Sugar Bowl thriller. The Rebels got a standout performance from Trinidad Chambliss, who threw for 362 yards and two scores in the 39-34 victory. His 40-yard pass to De'Zhaun Stribling set up Ole Miss' go-ahead field goal with six seconds left, and the Rebels avoided any major lapses to advance.

Texas Tech was seen as a darkhorse contender to win the national title thanks to stellar play from both sides of the line of scrimmage and a star quarterback in Behren Morton, but the Red Raiders had no answers for Oregon. The Ducks took advantage of Morton's struggles and did enough offensively to secure a 23-0 victory. Oregon will now face Indiana in a rematch of a 30-20 Hoosiers victory in Eugene in early October.

Here's a look at the latest 2025-26 CFP odds heading into the semifinal round.

The Hoosiers are +135 favorites at DraftKings Sportsbook to win the school's first national title after entering the playoff at +320, a sizable jump after their stellar showing and Ohio State being eliminated. The Ducks and Hurricanes are both +300, while Ole Miss is the longshot now at +550. Indiana is -185 to make the championship and Miami is -155, so the oddsmakers are thinking it'll be the Hoosiers and Hurricanes in the final. Ole Miss is +120 to make the final and Oregon is +145.

Miami and Ole Miss will play in the first semifinal on Thursday, Jan. 8 in the Fiesta Bowl. The Hurricanes are 3-point favorites at DraftKings in the latest Ole Miss vs. Miami odds and the total comes in at 51.5. Indiana and Oregon meet on Friday, Jan. 9 in the Peach Bowl and the Hoosiers are 4-point favorites for that contest. The total comes in at 47.5.